The rapid pace and growth of the NETELLER business demanded change, and NETELLER’s technology choices have paid off handsomely. “We would have had to make these changes with our without a rules engine, “said Andy Scott. “If we had chosen to implement within the constraints of our current system, we wouldn’t have started seeing results for 12-18 months. Our new system began generating measurable ROI in just three months. It has already had a tremendous impact on our business.”
One of the key benefits of the new infrastructure is the ability to quickly and easily respond to changes in the business. For example, if they see a spike in customer activity in a particular region, they can add new brokers within a day, slipping them into the framework without impacting the rest of the system. “In one case, we identified a data source in Norway that could very accurately verify the identity of our Scandinavian customers,” said Padraig O’Cinneide, Project Manager for NETELLER. “After the integration was complete, an analyst brought the service online in several hours.”
Implementation of a new rule has been reduced from a minimum of three months to only 24 hours – including testing and deployment. Under the old system, rule changes meant an extended development effort. The implications of changing an existing rule set had to be carefully considered, for rules impacted all of their applications. Sometimes the benefits of updating rules were outweighed by the time required to implement them. “Now we are not only updating rules within 24 hours, but have also been able to take on business rules for other parts of the system,” said Scott. “We can better prepare data going into the rule system to get the results we want.”
Today, the average identity verification transaction takes between four and ten seconds, with most of the time spent accessing the data sources. And with the growing number of available external data sources, more accounts can be automatically verified, thus enabling the company to prudently extend credit to a larger number of people, while at the same time managing risk. The company is also able to verify and approve individuals that would not have previously made it into the system, specifically those customers that want to enter at a lower commitment level. By implementing just one rule set to allow verification and approval of these customers,
NETELLER has seen a revenue increase of $1.5 million per month.
Our new system gives us a huge amount of flexibility, and greater confidence in the accuracy of our results,” said Scott. “Now we are able to verify more applicants, approve more customers at a higher level, which translates directly to more business with more people.”